The Audible-Ready Sales Podcast
The Audible-Ready Sales Podcast

Episode 47 · 1 year ago

Reassess Your Deal w/ John Kaplan

ABOUT THIS EPISODE

We’ve all worked with prospects who drag their feet on making a final decision. You may even have some of these deals in your pipeline right now. If you do, this episode is for you.

John Kaplan shares how to reignite your stalled deals and differentiate yourself from other competition that may still have a foot in the door (including a do nothing or do it internally option). Hear how you can differentiate your solutions from all other outcomes to close your current and future deals faster.

Check out this and other episodes of The Audible-Ready Podcast at Apple Podcasts, Spotify, or our website.

Here are some additional resources on reassessing your deals:

- How to Reignite Stalled Deals

http://bit.ly/3i8petF

- Predicting No Decisions On-Demand Webinar

http://bit.ly/2D0dxFa

- Executing Great Discovery

http://apple.co/2TC1kv5

Without a clear quantification of the business paint, it's more difficult to move a deal forward. It could be the one thing that moves your prospect to action rather than letting your proposal simply sitting there in box. You're listening to the audible ready podcast, the show that helps you and your team's sell more faster. Will feat your sales leader sharing their best insights on how to create a sales engine that helps you fuel repeatable revenue growth, presented by the team at force management, a leader in BTB sales effectiveness. Let's get started. Hello and welcome to the audible ready podcast. I'm Rachel Clip Miller. I hope everyone's year is off to a great, solid start. Today we are going to talk about reassessing a deal, something you may be working on right now. John Kaplan joins me. Hi John, Hey Rachel, how are you? I'm good. I'm going John. We know that every salesperson has worked...

...with a prospect that has dragged their feet on making that final decision. Many of you out there may be working with one right now. There's the one deal, or maybe several, that you're tired of waiting to close. It's not moving forward. There's some main things that you may want to assess. There some questions to ask yourself, as you relates to actually moving it forward and qualifying it out or trying to progress it. Yeah, this's this a this a great topic. It doesn't matter whether you're a salesmanager and you're looking at a forecast you're seeing slip deals or deals that just aren't progressing in the pipeline, or whether you're a seller and in your experience in that by just looking at your deals. So I mean the biggest thing that you need to ask yourself is, have you clearly quantified the business pain? How big is the problem? How big is the problem for the customer? And so, more often than not, you know if your opportunities not moving forward, you haven't dug deep enough on the negative consequences, and that's the negative consequences of...

...the problem. Let's just use a little example. So let's say you're solving a problem with payment processing and you know that your solution will get the company paid faster. However, do you know how much money they're losing out on because they haven't had a solution in place, and what's that costing them? You know? Also, do you know who owns the business pain? Are you dealing with? The person whose job is on the line if it's not fixed, or perhaps the person who has a vasted interest in getting a solution in place? So uncovering that pain is the first step to your buyers correcting the issue and seeing a return on their investment with your company. So without a clear quantification of the business pain, it's more difficult to move a deal forward. It could be the one thing that moves your prospect to action rather than letting your proposal simply sit in their in box. So look at that...

...deal and ask yourself, how big is the problem? Yeah, if you're trying to reassess a deal, that's the first question that you need to ask. That's the major one, obviously, but in some cases it might be about differentiation. It's also it's about differentiating from competitor or also from doing nothing or doing eternally. All of that can lead to stall deal. So let's first look at differentiating and gets a competitor. Yeah, so if you start with competitive differentiation, have you articulated your competitive differentiation? That's a fundamental question you have to ask yourself when looking at this opportunity. So, because opportunities are one and lost on competitive differentiation. So how do you solve your customers problems differently and or better than your competition? The critical component answering this question effectively is to ensure that your answer has an impact on your buyer. So...

...you may have a more robust reporting structure, but if your buyer cares only about one metric that your competitor can also provide, that differentiator won't help you move the deal forward. So reassess how you have position your solution against alternative options and determine whether or not you can make a stronger tie to the buyers required capabilityities. That's a fundamental skill and a fundamental assessment that you should do when looking at competitive differentiation as it relates to your differentiation inside of required capabilities. Right. How how is it meaningful to that buyer that you're dealing with and also maybe the more elusive competitor? That could result in some stall deals doing nothing or doing it ourselves, doing it internally. Yeah, this one became kind of a big competitor on the block in two thousand and twenty, for sure, and I think it's continuing today. I guess it's always been...

...around, but I just really notice it heavily in two thousand and twenty. So if you're reassessing your deal, don't forget to think about how you may be able to better position your solution against the prospect taking no action at all or or trying to solve the problem themselves. In these situations, you're still differentiating against an alternative and you need to do it in a way that demonstrates value to the buyer. So when you position your solution against do nothing, you need the ability to differentiate against the pain of the problem. How will your solution impact the current pain? Have you articulated a large enough impact for them to take action? Big problems can't wait, and if your prospect is thinking about doing an internal initiative rather than going with a Nder, you have to differentiate based on the outcome. How can your solution get to the necessary...

...outcome faster and more efficiently? Don't debate with your customer. If they can do it for themselves, they're not. The bigger question is, why would they? Big Problems are urgent and doing it yourself typically takes more time. So you have a competitive advantage against that. You just have to be very, very clear writ again, going back to the pain and defining it in outcomes, required capabilities. All those critically important to reassess if your deals not moving forward. I want to make sure the listeners know about the Webinar that we did with primary intelligence and Brian Walsh about predicting no decisions. We highlighted some research of more than a hundred BTB buyers who deals were no decisions, I mean classified as no decisions by the vendors who are trying to sell them, and what that research found out was that the no decisions were actually winnable...

...if the if the salesperson had better articulated the value. So be sure to check that Webinar out. I'm going to go ahead and link it in the show notes. It is called predicting no decisions and in that webinars a link to the research. But if you're dealing with stall deals, that research will give you some spirit on how you can reignite it. That's great content, Rachel. I highly suggest people go to the show notes and and and Click on that that that will be a tremendous value to you. Yeah, and you know, when it comes to this differentiation moving your deal forward, it's tough to talk about this and not talk about medic. We talk about medic a lot. Of course it's a great acronym to use as you reassess your deal. But perhaps if it's stalled, you know, one of those specific letters may be really important, and that's the decision process. You may want to focus your attention on the decision provccess for your customer. Yeah, I think decision processes. You know all that. You know all the letters in medic or medpick are our critical but on this topic, you know, decision...

...process really stands out for me. And any decision process is made of two components of validation process that evaluates how your solution will satisfy the buyers requirements, and an approval process, which is the sequence of events that need to happen to get the contract signature. So you need to ensure you understand both components of the decision process and if you don't, that could be why your deal this moving you know, is not moving forward. So remember, as part of your buyer focus sales conversations, you need to qualify the opportunity based on the validation and approval processes. So ideally you need to do this as you execute discovery, but if your deal is stalled, you may need to backtrack and effectively define these or redefine these two processes. So I like to say think of yourself as a buyer coach and play the role of coaching your prospect...

...through a well vetted decision. EVERYBODY LOVES TO BE LED. Everybody, even your customers, love to be led, providing you can take them to a place they can't get to on their own. So a well vetted decision process that yields mutually beneficial results is something that you're both looking for and you should be the conduit to that. So you may know from your own experience sometimes it's just as tough to sell an idea internally for your prospect as it is for an outside vendor. And always the best outcomes happen with champions in place who need to be successful with everything that we've just talked about because they have a vested interest in the outcome it. John, there's a lot of ways to reassess your deal and you've gone through the major components right now, but hopefully these have given some of you out there listening some things to think about. If you were to give a bottom line to reassessing your deal as people...

...are starting the year off. What would you say? Yeah, so I'd grab a stuck deal right now and don't keep reek forecasting a deal or slip deal. Grab it, dig in, you know, if your sales manager, don't let that happen, if your sales wrap, grab your sales management team and grab these stuck deals or these slip deals or whatever you call on the one that aren't moving and ask yourself these questions. So what's the biggest business issue facing this customer? Start with that one. Big Business issues have urgency. So if you have a stuck deal that has no urgency, it's probably not addressing a big business issue. Look at the decision criteria. Is it favorable for you, meaning is it influenced by our differentiation? If not, go to work. Don't debate. If they can do something by themselves or internally, it's always going to be an option for somebody to do something by themselves or in turn or internally. Make the conversation about urgency and time...

...and resources. There's no question that that if it's linked to a big business issue, it has urgency. The resources will be constrained, your expertise will be more valuable. So don't get into debate whether they can do it and not. Of course they can probably do it themselves, but why would they? Do you really understand who's making this decision and how a decision gets made? Some of the fundamental context of medic and Medpick and sometimes we've spend a lot of time on other you know letters. Those are big ones as it relates to stuck deals. And finally, if you can't answer yes to all of these, you probably don't have a champion, someone with power and influence actively selling on your behalf and of vested interest to your success. So that exists. Get busy, stick to that definition and criteria for a champion.

Go find them, align yourselves with them, and you won't be alone on these accounts. You won't be alone on these stuck deals. Stuck deals are a lonely place to be. Champions either share that loneliness with you or they get busy with you. And that's the best advice that I can give you on stuck deals for today. That's awesome and John, great advice for two thousand and twenty one. Put your mask on, go to work, reignite those those stuck deals. Thank you for having this conversation with me, John. I've much enjoyed it. Let's keep them coming. In Two thousand and twenty one, let's have a great year. Awesome and thank you to all of you for listening to the audible ready podcast. At force management, we're focused on transforming sales organizations into elite teams. Are Proven methodologies deliver programs that build company alignment and fuel repeatable revenue growth. Give your teams the ability to execute the growth strategy at the point of sale. Our strength is our experience.

The proof is in our results. Let's get started. Visit US at force MANAGEMENTCOM. You've been listening to the audible ready podcast. To not miss an episode, subscribe to the show in your favorite podcast player. Until next time,.

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